EU Grains Mostly Higher, Paris Wheat Getting Technical
The day ended with Nov 16 London up GBP1.50/tonne at GBP121.75/tonne, Sep 16 Paris wheat was EUR3.75/tonne easier at EUR148.25/tonne, Nov 16 corn was unchanged at EUR161.00/tonne and Nov 16 rapeseed rose EUR1.50/tonne to EUR379.25/tonne.
For Paris wheat this was the lowest close on a front month since May. As mentioned September is getting technical due to lack of storage at the future stores. Dec 16 was down only EUR0.25/tonne today and the the premium between that and Sep 16 is now more than EUR10/tonne.
The pound was a bit weaker today which aided London wheat's rise from yesterday's 2-month low.
Ukraine said that it's 2016 harvest was 69% complete on 9.9 million ha at 38.5 MMT.
The Ukraine corn harvest is 1% done at 144 TMT and progressing nicely under warm and dry conditions.
These conditions are hindering winter wheat planting though, which is waiting to start. Winter OSR plantings are progressing anyway at 81% done on 588k ha.
The Ukraine Ministry said that exports so far this season stand at 7.213 MMT, including 4.2 MMT of wheat, 575 TMT of corn and 2.4 MMT of barley.
As well as tendering for wheat Algeria announced a tender for 50,000 MT of feed barley for Oct shipment. Morocco are in for 300 TMT of soft wheat and 45 TMT of durum.
The USDA's FAS in Russia raised their estimate for wheat production there this year to 72 MMT. Exports in 2016/17 were placed at a record 28 MMT, an all-time high but not as high as some forecasts (30 MMT). A firmer rouble and the fact that wheat quality is inferior to last season might take the shine off exports, they said.
The Russian Ag Ministry said that the 2016 harvest is now past 75% done and has reached almost 98 MMT. Wheat is almost 80% harvested at 67.5 MMT.